At its current trajectory, it's almost impossible for Snap to stop destroying shareholder value, as its money-losing business constantly needs fresh cash to stay afloat. Accordingly, this was another money-losing quarter for Snap, with net losses coming in at a disturbing $377.3 million. Specifically, operating losses in Q2 amounted to $404.4 million, up from $400.9 million last year. Speaking of Snap's operating losses, they have sadly been widening due to the decline in revenues and expenses remaining elevated. Widening Losses Erode Cash Position, Destroy Shareholder Value If anything, investing in such technologies against a struggling top line is only widening operating losses. Still, as long as such developments don't translate to growing revenues, Snap is doomed. My AI has garnered significant usage, with over 150 million users sending 10 billion messages in Q2. Snap's management is making efforts to boost the platform and stock by introducing attention-grabbing features like My AI, its AI-powered chatbot. Notably, last year's revenue growth was a lackluster 11.8%, and based on Snap's performance in the first half of fiscal 2023, analysts are projecting the company's first annual revenue decline, which is projected to be 2.2% to a total of $4.50 billion. While there was a temporary resurgence in 20, driven by increased user activity during the pandemic, this growth momentum has since been disrupted, returning to the downward trend. To put things in perspective, Snap achieved remarkable revenue growth of 589.5%, 103.6%, and 43.1% in 2016, 2017, and 2018, respectively. It's important to highlight that Snap has exhibited a consistent pattern of revenue growth deceleration, followed by declines, indicating a diminishing appeal to advertisers. Thus, it's hardly surprising that Snap finds itself languishing as a dated option for advertisers, even with the company touting a seemingly impressive 14% year-over-year surge in daily active users. Further, Alphabet ( NASDAQ:GOOGL) ( NASDAQ:GOOG) highlighted the mounting success of YouTube, which is progressively transforming into a formidable social media hub. A striking example lies in Meta's recent quarterly report, where its app suite exhibited remarkable user engagement.

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